1Q11 Earnings Release Presentation

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1Q11 Earnings Release Presentation

  1. 1. BRProperties1Q11 Earnings Release Presentation
  2. 2. Highlights  1Q11 Net Revenues came in at R$ 77.8 million, an increase of 121% in relation to 1Q10, when it came in at R$ 35.3 million; Financial  Adjusted EBITDA of R$ 69.9 million at the end of 1Q11, an increase of 137% over the same period of Highlights last year, and an Adjusted EBITDA margin of 90%;  Adjusted FFO in 1Q11 totaled R$ 23.9 million, with an Adjusted FFO margin of 31%;  Leasing spreads for renegotiations totaled 21.5% and 22.6%, and for new lease up of vacant areas totaled 15.5% and 11.1% in office and industrial properties, respectively;  Our financial vacancy decreased from 8.1% in 4Q10 to 6.2% at the end of 1Q11, whereas our stabilized financial vacancy, which excludes Ed. Jacarandá, TNU, and Ventura II, came in at 1.5%;  We have included the “built to suit” project DP Louveira 7 property to our development pipeline, a logistics and distribution warehouse located in the Louveira, one of the main distribution hubs in São Paulo state. Delivery of the building is estimated for 2012; Operating Highlights  On January 19th, 2011, the Company concluded an additional perpetual bond issuance in the amount of US$ 85 million, offered to qualified institutional investors. The perpetual bond has a call option at par after the 5th year, and will pay 9% interest per year, paid quarterly;  We raised approximately R$ 235.5 million in long term real estate financing linked to TR. This type of financing represents 75% of the Company’s total debt;  After the most recent index rebalancing concluded by BM&F Bovespa, the Company has been included in the portfolios of the Small Cap and Real Estate equity indexes.BRProperties 2 1Q11
  3. 3. Portfolio Portfolio Breakdown Portfolio Breakdown (% market value) (% GLA) 3% 14% 9% 22% 8% 33% 55% 57% Office Industrial Retail Development Office Industrial Retail Development Portfolio Growth (GLA m²) 58% 1.150.799 730.402 1Q10 1Q11BRProperties 3 1Q11
  4. 4. Financial Highlights Gross Revenues (R$ thousand) 113% 84.860 39.865 1Q10 1Q11 Net Revenues (R$ thousand) 121% 77.777 35.267 1Q10 1Q11BRProperties 4 1Q11
  5. 5. Financial Highlights Adjusted EBITDA (R$ thousand) 90% 84% 137% 69.861 29.515 1Q10 1Q11 Adjusted FFO (R$ thousand) 31% 25% 176% 23.876 8.645 1Q10 1Q11BRProperties 5 1Q11
  6. 6. Debt 1Q11 Net Debt (R$ mn) 1Q11 Debt Index Breakdown 1.948 2.114 446 1.668 23% 2% TR IGPM 140 26 CDI 75% ST Debt Obligations LT Debt Total Debt Cash Net Debt f or Acquisitions Debt Service Schedule (R$ mn) Principal 331 Interest 128 128 157 161 178 68 156 154 141 118 144 131 118 103 87 26 64 14 38 24 18 2 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022BRProperties 6 1Q11
  7. 7. Operating Highlights Our financial vacancy came in at 6.2% in the end of 1Q11; excluding the buildings CBOP - Jacarandá, TNU, and Ventura Towers II, our financial vacancy would drop to 1.5%. Vacancy Breakdown Financial Vacancy per Segment 6,9% 8,1% 5,5% Of f ice 6,2% Industrial Physical Retail Financial 3,8% 3,1% 1,4% 1,5% 1,2% 0,72% 0,0% 0,0% 4Q10 1Q11 1Q11 (Ex Ventura, CBOP 4Q10 1Q11 & TNU) Vacancy per Property 1Q11 Property Type Financial Physical Raja Hills Office 0,02% 0,02% CBOP - Jacarandá Office 1,82% 0,93% TNU Office 0,67% 0,30% São José Office 0,12% 0,07% Icomap Office 0,06% 0,06% Ed. Com. Indaiatuba Office 0,61% 0,56% Ventura II Office 2,20% 0,42% Total Office 5,5% 2,4% BP Jundiaí Industrial 0,04% 0,10% Piraporinha Industrial 0,68% 0,59% Total Industrial 0,72% 0,69% Total Portfolio 6,2% 3,1%BRProperties 7 1Q11
  8. 8. Operating Highlights Renegotiations New Leases 15,5% 21,5% 22,6% 12,8% 11,1% Of f ice Of f ice Industrial 5,2% Industrial 2,0% 0,0% 1Q10 1Q11 1Q10 1Q11 Leasing Spread * 1Q11 1Q10 var % Leasing Spread (Renegotiations) - Office 21,5% 0,0% - Leasing Spread (Renegotiations) - Warehouse 22,6% 2,0% 1016% Leasing Spread (Renegotiations) - Retail n/a n/a n/a Renegotiated Area - Office (sqm) 14.674 - 0% Renegotiated Area - Warehouse (sqm) 14.798 6.569 125% Renegotiated Area - Retail (sqm) n/a n/a n/a Leasing Spread (New Leases) - Office 15,5% 5,2% 197% Leasing Spread (New Leases) - Warehouse 11,1% 12,8% -13% Leasing Spread (New Leases) - Retail n/a n/a n/a New Leased Area - Office (sqm) 8.343 8.523 -2% New Leased Area - Warehouse (sqm) 12.889 5.283 144% New Leased Area - Retail (sqm) n/a n/a n/a * Leasing spreads are net of inflationBRProperties 8 1Q11
  9. 9. Operating Highlights Lease Contract Expiration Schedule % Revenues % GLA 65% 59% 7% 25% 31% 3% 4% 6% 2011 2012 2013 >2013 2011 2012 2013 >2013 Lease Contract 3 Year Market Alignment Schedule % Revenues % GLA 6% 3% 17% 27% 19% 16% 51% 61% 2011 2012 2013 >2013 2011 2012 2013 >2013BRProperties 9 1Q11
  10. 10. Operating Highlights Managed Properties Property Management Revenues (R$ thousand) 25% +4 29 1.059 849 25 1Q10 1Q11 1Q10 1Q11BRProperties 10 1Q11
  11. 11. Stock Performance Currently, 99% of BR Properties’s shares are in free float 60% BRPR3 50% GP Investments Ibovespa 7,3% Wellington 40% 39,31% Management 30% 5,4% 20% BlackRock 5,1% 10% Laugar S.A. 0% 4,2% (7,00%) -10% Silverpeak 1,3% -20% Management 0,9% -30%  Number of shares: 139,753,919  Market Value: R$ 2.5 billion Other 75,9%  Average Daily Vol. (30d): R$ 12.2 million * As of May 11th, 2011 Stock Performance (BRPR3) 1Q11 1Q10 var % Total Number of Shares * 139.511.953 139.107.272 0,3% Free Float (%) 99% 52% 90,4% Stock Price (average for the period) 17,32 12,97 33,5% Stock Price (end of period) 17,15 12,92 32,7% Market Cap end of period (R$ million) 2.393 1.797 33,1% Average Daily Trading Volume (R$ million) 8,29 10,17 -18,5% Average Daily Traded Shares 478.877 792.712 -39,6% Average Daily negotiations 455 282 61,3% * Company began trading its shares on the Bovespa in 03/08/2010BRProperties 11 1Q11
  12. 12. IR Contacts Investor Relations Pedro Daltro CFO & Investor Relations Officer Leonardo Fernandes Investor Relations Manager Marcos Haertel Investor Relations Analyst Phone: (55 11) 3201-1000 Email: ri@brpr.com.br www.brpr.com.br/riBRProperties 12 1Q11

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